POST UTME UNIBEN 2021 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company's trial balance shows the following balances: Assets: ₦500,000, Liabilities: ₦200,000, Equity: ₦300,000. What is the company's net worth?
Question 2
A company's cash book shows the following transactions: Cash ₦10,000, Bank ₦20,000, and Accounts Receivable ₦30,000. What is the company's net cash inflow?
Question 3
A company's bank statement shows the following:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 1st Jan | Bank Charge | ₦ 50 | |
| 2nd Jan | Cheque | | ₦ 500 |
| 3rd Jan | Bank Interest | | ₦ 100 |
| 4th Jan | Cheque | ₦ 300 | |
| 5th Jan | Bank Transfer | | ₦ 400 |
What is the balance of the bank account?
Question 4
A company manufactures two products, A and B. Product A requires 2 hours of labor and 3 units of raw material, while product B requires 3 hours of labor and 2 units of raw material. The company has 120 hours of labor and 180 units of raw material available. How many units of product A and product B should the company produce to maximize profit?
Question 5
A company has two departments, A and B. Department A has a balance of ₦120,000 in its control account, and department B has a balance of ₦80,000 in its control account. The total assets of the company are ₦400,000. If the company's total liabilities are ₦200,000, what is the balance in department A's control account after adjusting for the company's total liabilities?
Question 6
A company uses the single entry system to record its financial transactions. The company's assets are ₦200,000, liabilities are ₦100,000, and equity is ₦50,000. What is the company's net worth?
Question 7
A company's balance sheet shows the following balances: Assets ₦5,000,000, Liabilities ₦2,000,000, Equity ₦3,000,000. What is the company's net worth?
Question 8
A company uses the straight-line method to depreciate its assets. If the asset's useful life is 5 years and its residual value is ₦0, what is the annual depreciation charge if the asset's cost is ₦120,000?
Question 9
A partnership has two partners, A and B. The capital accounts of A and B are ₦50,000 and ₦30,000 respectively. If the profit is shared in the ratio 3:2, what is the amount of profit to be distributed to partner A?
Question 10
A company's trial balance shows the following account balances: Accounts Receivable ₦50,000, Sales Revenue ₦200,000, and Cost of Goods Sold ₦120,000. What is the company's net income?
Question 11
A company has two departments: Manufacturing and Sales. The Manufacturing department has a net income of ₦120,000 and a total asset value of ₦500,000. The Sales department has a net income of ₦80,000 and a total asset value of ₦300,000. What is the total net income of the company?
Question 12
A manufacturing company produces two products, A and B. Product A requires 2 hours of labor and 3 hours of machine time, while product B requires 3 hours of labor and 2 hours of machine time. If the company has 10 hours of labor and 12 hours of machine time available, calculate the maximum number of units of product A that can be produced.
Question 13
A bank's cash book shows a balance of ₦2,500,000. However, the bank statement shows a balance of ₦2,800,000. What is the difference between the two balances?
Question 14
A company has a single entry system and has recorded the following transactions: Purchase of goods for ₦100,000, Sale of goods for ₦150,000, and Payment of cash for ₦50,000. What is the company's net income?
Question 15
A company's cash book shows the following transactions:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 1st Jan | Cash | ₦ 1,000 | |
| 2nd Jan | Sales | | ₦ 500 |
| 3rd Jan | Cash | | ₦ 200 |
| 4th Jan | Purchases | ₦ 300 | |
| 5th Jan | Cash | | ₦ 400 |
What is the balance of the cash account?
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